Rethinking Merger Analysis
Kaplow, Louis
- 出版商: MIT
- 出版日期: 2024-11-05
- 售價: $2,500
- 貴賓價: 9.5 折 $2,375
- 語言: 英文
- 頁數: 268
- 裝訂: Hardcover - also called cloth, retail trade, or trade
- ISBN: 0262049244
- ISBN-13: 9780262049245
尚未上市,無法訂購
相關主題
商品描述
A fundamental economic reconstruction of merger analysis to strengthen our ability to determine mergers' likely effects and improve merger regulation. Why rethink merger analysis? Because methods employed throughout the world violate basic precepts of decision analysis and economics. Fundamental principles are underdeveloped, inhibiting research, policy formulation, and merger review. In Rethinking Merger Analysis, Louis Kaplow undertakes a foundational analysis of the questions central to understanding and regulating horizontal mergers and shows why many conventional practices need to be altered or replaced. On the empirical front, Kaplow offers insights, identifies shortcomings, and proposes extensions of existing research. Altogether, merger review can be greatly improved to better identify harmful mergers and avoid thwarting beneficial ones. The correct economic analysis of anticompetitive effects conflicts sharply with the reigning market definition paradigm. This protocol is more deeply flawed than appreciated, readily produces large errors, and can result in uncertainty bounds on challenge thresholds of two orders of magnitude. Merger efficiencies are underanalyzed because of the failure to draw on relevant disciplines and pertinent industry expertise. Postmerger entry's role is mischaracterized in merger guidelines, and its direct welfare effects are ignored. Entry induced by the prospect of a subsequent buyout has until recently been disregarded. Proper assessment requires a dynamic framing that accounts for a merger regime's influence on the creation and capabilities of new generations of startups that are central to economic dynamism. This book eschews advocacy and instead focuses on clear thinking--indeed, rethinking--about how to improve merger policy and assessment.
商品描述(中文翻譯)
一項對合併分析的基本經濟重建,以增強我們判斷合併可能影響的能力並改善合併監管。
為什麼要重新思考合併分析?因為全球採用的方法違反了決策分析和經濟學的基本原則。基本原則尚未充分發展,抑制了研究、政策制定和合併審查。在《重新思考合併分析》中,Louis Kaplow 對理解和監管水平合併的核心問題進行了基礎性分析,並展示了為什麼許多傳統做法需要改變或取代。在實證方面,Kaplow 提供了見解,指出了不足之處,並提出了對現有研究的擴展。總體而言,合併審查可以大幅改善,以更好地識別有害的合併並避免阻礙有益的合併。
對反競爭影響的正確經濟分析與當前的市場定義範式存在明顯衝突。這一協議的缺陷比人們所認識的更深,容易產生重大錯誤,並可能導致挑戰門檻的不確定性範圍達到兩個數量級。由於未能借鑒相關學科和行業專業知識,合併效率的分析不足。合併指導方針中對合併後進入的角色描述不當,且其直接福利影響被忽視。直到最近,由於後續收購的前景所引發的進入一直被忽視。正確的評估需要一種動態框架,考慮合併制度對新一代初創企業的創造和能力的影響,這對經濟活力至關重要。
本書避免倡導,而是專注於清晰的思考——實際上是重新思考——如何改善合併政策和評估。
作者簡介
Louis Kaplow is Professor of Law and Economics at Harvard University and a research associate at the National Bureau of Economic Research.
作者簡介(中文翻譯)
路易斯·卡普洛是哈佛大學法律與經濟學教授,也是全國經濟研究局的研究助理。